People in shared ownership homes will find it easier and quicker to move up the property ladder under measures proposed by Housing Minister Brandon Lewis today (31 January 2015).
Currently anyone looking to sell a property brought through government funded shared ownership schemes has to offer their housing provider first refusal – often leading to delays in the process.
Under proposals announced today, shared home owners would be able to do this at the same time as putting their home on the open market, shedding months off the time taken to sell.
And those who have managed to purchase further shares to buy their property outright would not need to give the housing provider the first refusal at all.
Help moving up the property ladder
Helping people into home ownership is a key part of the government’s long-term economic plan.
Mr Lewis said anyone who works hard and wants to move up the property ladder should have the opportunity to do so.
But people helped to buy their first home should not face unnecessary bureaucracy and red tape when they come to move.
Housing Minister Brandon Lewis said:
Since 2010 we have pulled out all the stops to support those who aspire to own their own home. But when owners of shared ownership properties come to sell they face barriers and bureaucracy in their way.
That’s why today I am looking to streamline the process to make it easier to sell on shared ownership properties so those who want to climb the next rung on the property ladder can do so.
Homes and Communities Agency Executive Director of Programmes Fiona MacGregor said:
To maintain the success of shared ownership we need feedback from customers, lenders and providers. We hope that everyone with an interest will take the time to give informed views on how we can streamline the process for selling on shared ownership homes and remove potential barriers to extending shared ownership.
Since 2010 the government has provided nearly 217,000 affordable homes – including all shared ownership homes, helping households looking to get into the market to get a foot on the property ladder at a lower initial cost.
Today’s announcement builds on a commitment in the Autumn Statement to work with housing associations, lenders and the regulator to lift the barriers that are currently limiting extending shared ownership.
Proposals to streamline the resale of shared ownership properties has been published today.
This consultation is published jointly with the Homes and Communities Agency and covers England excluding London.
The consultation starts on 31 January 2015 and finishes on 28 February 2015.
For further information on the consultation document please email firstname.lastname@example.org